Lyft cofounders John Zimmer and Logan Green celebrated the company’s debut on Wall Street, ringing the opening bell from a converted warehouse in Los Angeles
For years, Uber tried to bulldoze ahead of Lyft and other rivals through a mix of aggressive fundraising and dirty tricks. At one point in 2017, Uber's former CEO, Travis Kalanick, was caught bragging on video that it was"a piece of cake" to compete with Lyft."I've beaten them," he said.
But on Friday, it was Lyft who beat Uber to become the first ride-hailing company to go public. Lyft began trading at $87.24 a share on the Nasdaq Friday morning, a more than 20% increase over its IPO price, but gave up some of those gains later in the day. The company ended its first day of trading at $78.29, an increase of 8.7%.
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